China's tech companies are in the middle of an ambitious spending spree that will push the industry into new businesses and potentially remake large swaths of the country's economy.

While the flurry of acquisitions and investments can't match the sticker shock of Facebook's (FB) recent $19 billion acquisition of WhatsApp and $2 billion purchase of virtual reality gaming firm Oculus, they suggest MORE

HSBC reported Monday that it turned a profit of $5 billion in the third quarter, a figure held down by the scandal-plagued bank's efforts to absorb a series of fines and penalties.

The London-based firm set aside $800 million to pay fines that may result from the bank's alleged links to drug cartels and terrorist groups. In the second quarter, the bank set aside an initial $700 million for the same MORE

Shares of Panasonic dropped almost 20% in early trading in Tokyo Thursday after the electronics company posted a loss and dramatically lowered its forecast for the year.

One of the world's largest television manufacturers, Panasonic has been shedding jobs for years amid slack demand. The Japan-based company said Thursday it was suspending its dividend, and that business conditions are expected to become "much more severe."

Charles Riley lives and works in Hong Kong, where he covers markets, economics and other high-impact stories across Asia. He previously worked for CNNMoney in New York and CNN in Washington. He tweets @CRrileyCNN